Anushka Sharma, Virat Kohli-Backed Go Digit IPO Kicks Off -- Are Virushka Divesting Their Stake? Key Things To Know

New Delhi: Go Digit General Insurance Ltd's Rs 2,614-crore (initial public offering) IPO opened for subscription on Wednesday, May 15.

Go Digit IPO: Are Virushka Divesting Their Stake?

Go Digit is backed by Indian cricketer Virat Kohli and Bollywood actor and producer Anushka Sharma who own 266,667 shares and 66,667 shares in the digital insurance firm. The duo, however, is not divesting their stake in Go Digit.

Here Are Key Points About Go Digit General Insurance Ltd's IPO You Want To Know

1. Canada's Fairfax Group’ Go Digit General Insurance Ltd backed IPO kicked off on Wednesday (May 15).

2. As per the Red Herring Prospectus (RHP), the IPO will close for subscription on May 17 while the anchor investors bidding took place on May 14.

3. The IPO includes fresh equity shares worth Rs 1,125 crore and an Offer For Sale (OFS) of 5.47 crore equity shares by promoter Go Digit Infoworks Services and existing shareholders.

4. Go Digit Infoworks Services holds an 83.3 percent stake in the company as of now.

5. The company has informed regulators that proceed from the IPO will be used for strengthening the company's capital base, maintaining solvency levels, and for general corporate purposes.

6. ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management, and IIFL Securities are the book running lead managers for Go Digit's IPO.

7. Go Digit initially filed its Draft Red Herring Prospectus (DRHP) in August 2022. However after facing hurdles regarding compliance requirements, it got Securities and Exchange Board of India (Sebi) approvals in April 2023, after the company re-filed preliminary IPO papers.